Bitcoin mining could be heating homes in North Vancouver next year
Under a recent announcement, an agreement of terms to that effect was reached between MintGreen, a Canadian tech company, and Lonsdale Energy Corporation (LEC).
The city-owned corporation currently heats 100 buildings, containing 7,000 apartments, in Central and Lower Lonsdale areas using a mixture of clean energy alternatives including natural gas boilers and solar panels. Next year, computers working around the clock to create cryptocurrency could be added to that list.
Each of MintGreen’s servers can crank out 0.47 megawatts per hour, enough to heat 350,000 square feet of space for a day, said Colin Sullivan, CEO of MintGreen.
The process, conducted by MintGreen digital boilers, would save 20,000 tonnes of carbon emissions from entering the atmosphere over the expected 12-year term “when compared to natural gas boilers,” which Sullivan said emit a significant amount of greenhouse gases.
Each digital boiler is said to recover more than 96 per cent of the electricity used for Bitcoin mining in the form of heat energy, Sullivan added.
If contracted, North Vancouver is to provide a municipally-owned space for hundreds of MintGreen Bitcoin servers in the first large-scale deployment of company technology, said Karsten Veng, CEO of Lonsdale Energy.
“We’re not investing in Bitcoin. We’re just buying the heat,” said Veng, unwilling to disclose costs associated with the deal.